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Don't Do This When Applying For A Loan...

Don't buy or lease a car  We look carefully at the debt-to-income ratio and a large payment such as a car lease or purchase can greatly impact that ratio and prevent you from qualifying for a home loan.

Don’t move assets from one bank account to another before speaking to us first  These transfers show up as new accounts and complicate the application process because you must then disclose and document the source of funds for each new account. We can verify each account as it stands.  You can consolidate your accounts later. 

Don’t change jobs A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes. 

Don’t buy new furniture or major appliances for your new home on credit  If a new purchase increases your debt load, it may disqualify you from the loan or deplete your funds to close.  

Don’t run a credit report on yourself or open a new credit card  This will show as an inquiry on our credit report.  Inquires must be explained in writing and they have the potential to pull down your credit score. 

Don’t consolidate your bills or enter into consumer credit counseling  Speak with us before you begin this process. We can advise you on how to do this and whether or not it is necessary. 

Don’t pack or ship information needed for the loan application  Important paperwork such as W-2 forms, divorce decrees, Form DD214, bank statements, and tax returns should not be sent with your household goods.  Duplicate copies take weeks to obtain.   

Don’t deposit “Gift Funds” into your account until you speak with us first  Gift money must be properly documented in a very detailed and specific way. Speak with us about receiving and documenting gift funds.